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The initiative by Swipe and Marqeta will attract a lot of customers which will pose a huge competition to the traditional financial institutions that are centralized and overcollateralized in the loaning business.
Binance-backed leading multi-asset digital wallet and Visa debit card platform Swipe announced a strategic partnership with Marqeta, the global standard for modern card issuing, to launch the LendFi Visa Card. According to the announcement, the LendFi Visa Card is connected to Swipe Issuing and Marqeta for near-instant access to lending balances borrowers make on the LendFi App.
Binance through Swipe is pushing for strong partnerships that will steer the cryptocurrency industry forward through existing channels and also new ways.
“We are excited to work with the innovators over at Marqeta who help power our LendFi Visa Card. Borrowers will get access to an instant Visa card upon successful verification that immediately gives real-time access to their loan balances,” said Swipe CEO Joselito Lizarondo.
Notably, the new service that has been expanded to the crypto enthusiasts in the United States. It is dubbed as a decentralized lending platform that is digitally connected with the borrower on their mobile device at all times.
Since it is based on a blockchain technology, customers accessing the services will be served instantly if they meet all the set conditions.
“LendFi utilizes decentralized finance (DeFi) protocols to give borrowers access to instant liquidity to over-collateralized loans while being in complete control of the borrowing process,” Swipe indicated in the announcement.
Swipe and Marqeta Partnership Bigger Picture
This is a significant milestone in the DeGi ecosystem and the digital asset industry at large as the adoption will be at a greater scale.
The partnership will attract a tone of customers which will pose a huge competition to the traditional financial institutions that are centralized and overcollateralized in the loaning business.
“Being able to issue a loan directly on to a card, further extends our innovations to help remake the lender-borrower relationship, allowing borrowers to access funds almost instantly and giving the lender real-time insight into how the funds are used. We’re excited at Marqeta to power LendFi and see the next generation of lending come to life,” Marqeta VP for Business Development Salman Syed highlighted.
Swipe has been working to make cryptocurrency usage a very simple process hence bridging the gap between fiat and digital assets.
By not eliminating the traditional financial institutions in the market, Swipe is poised to upgrade them to the 21st-century payment ecosystem.
“Swipe’s exceptional team has made great strides in furthering this mission and has been instrumental in the industry for bridging the gap between commerce and crypto. The Swipe Wallet alone is unique which acts as a digital bank account for its users, providing access to traditional banking services. We are thrilled to work with a team that shares the same core values and looking forward to our larger efforts ahead,” Binance CEO Changpeng Zhao (CZ) noted during the partnership with Swipe.